Saturday, November 06, 2010

Wisconsin Technology Council’s Early Stage Symposium is next week. Food entrepreneurship emerges as an investment and growth strategy.

Inc. Magazine just published their November 2010 cover story headlined “The Demand Economy” subtitled, “With consumers and businesses pinching pennies, there’s only one way to survive: target needs not wants”.

The authors focused on four mega-trends where need greatly exceeds supply.

Among these was a piece highlighting the significant business opportunity in local foods.

A recent study says that 59% of consumers nationwide buy local foods whenever possible.

Sure 59% is a big number but I’m more impressed with the phrase “whenever possible”. This indicates two things to me: Within that big 59% number there is much more room for growth, and also that the 59% number itself is being held back by a lack of access to local foods in the market.

Hmmm. Significant, proven demand and not enough supply. If ever there was a poster child for the ‘demand economy’ right now, it’s the supply side of local foods.

The Wisconsin Technology Council’s annual Early Stage Symposium will be held Nov. 10th and 11th at Monona Terrace in Madison. This year they have included a track devoted to food entrepreneurship.

The session I’ve been invited to make a presentation to is under the heading, "Getting more cooks in the kitchen: How incubators and business parks can help entrepreneurs".

There are significant opportunities to replicate the work many of us are doing in Wisconsin, especially the model represented by our Wisconsin Innovation Kitchen. There are many great lessons emerging from our Innovation Kitchen experiments that speak directly to serving the ‘demand economy’ of local foods. I am convinced food entrepreneurship will be a growth area in the economy for the next decade and beyond.

For people interested in starting or growing food enterprises you are being supported by a huge 'demand economy' that is hungry for your innovations.

If you can be around Madison this week, the Wisconsin Technology Council’s Early Stage Symposium should be very interesting!

Wisconsin Technology Council's Early Stage Symposium

WI Technology Council

Inc. Magazine cover story "The Demand Economy"
November 2010.

Wisconsin Innovation Kitchen

Iowa County (WI) Area EDC

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